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General News
Meropi Kyriacou Honored as TNH Educator of the Year
NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.
NICOSIA – Some 11 years after Cypriot banks were allowed to confiscate 54.4 percent of accounts over 100,000 euros ($111,198) to stave off collapse, they have been cited by European Commissioner for Justice Didier Reynders for abusive practices.
He was responding to questions raised by Member of Parliament Giorgos Georgiou from the Communist AKEL party which led to the government having an infringement procedure issued – that was begun in 2013.
The Commission said Cyprus must abide by EU directive to protect borrowers although it hasn’t been penalized for not doing so and there was no indication that latest citation would be honored either.
Reynders’s response addressed Georgiou’s concerns about abusive clauses and violations of borrowers’ rights to access justice in Cyprus, including the illegal practice of banks applying abusive clauses for early loan repayment, said Philenews.
In June, the Central Bank Governor and Finance Minister urged banks to lower interest rates and consider the impact of raking in profits on society but there wasn’t a response reported to the appeal.
